Costa Group Holdings Ltd Berry growth witnessed super performance
Berry growth witnessed super performance:Costa Group Holdings Ltd (ASX: CGC) has undertaken many growth initiatives for FY18, and these include Monarto mushroom farm expansion, execution of domestic berry growth program and development of avocado fifth pillar with Lankester farm acquisition. For FY17, CGC reported 10.7% (year on year) revenue growth at $909.1m, while posting 29.4% growth in EBITDA at $115.2m (before SGARA and material items). NPAT before SGARA and material items increased by 37.3% to $60.7m while statutory NPAT increased to $57.7m, compared to $25.3m in FY2016. The produce segment delivered a solid result by growing at 9.4% to $786.2 million with total transacted sales of more than $1 billion, while CF&L revenue growth was up 2.4% on FY2016. During the year, domestic and international berry growth, excellent citrus performance and recovery in the tomato market contributed to year on year earnings growth. Berry category growth remains high with a 55% increase in blueberry production on FY2016, for which the Corindi New South Wales farm accounted for a significant portion of the increase. Notably, the Coles Jandakot Western Australia Distribution Centre contract was renewed through to September 2023. CGC will hold its Annual General Meeting in November 2017.
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